Accounting Regulatory Bodies

story Regulatory Bodies Regulatory bodies serve an important occasion by establishing and enforcing rules of account that companies must adhere to. They provide a level of assurance that companies are not falsifying monetary statements that the earth relies upon. For this paper, I will examine four accounting system regulatory bodies, the Securities and Exchange Commission ( secant), pecuniary Standards chronicle Boards (FSAB), political story Standards Board (GASB), and Public Company Accounting supervising Board (PCAOB). Securities and Exchange Commission (SEC) The SEC serves the world by overseeing all that is related to securities. It requires publicly held companies to disclose hi-fi financials. The SEC similarly strives to protect against fraud by apply its ascendence to bring civil enforcement actions against companies or individual who go bad security system laws. There are rules that accountants must come after called Generally reliabl e Accounting Principles (generally accepted accounting principles). To ensure compliance, the SEC requires the affair of auditors. As tell by Phillips, Libby, and Libby ( 2006), To ensure accountants follow GAAP when preparing their companys financial statements, the SEC requires that each public company lease independent auditors to scrutinize its financial records. (p.

19) Financial Standards Accounting Boards (FSAB) The FSAB develops accounting standards and is commissioned by the SEC. It is the establishment of these rules that regulate the preparation of a companys financial statements. The FSAB also provides guidance to companies with regards to implementation of the ru les. The end result provides the public wi! th reasonable financial statements with which cognizant investment decisions can be make from. Governmental Accounting Standards Board (GASB) The GASB develops accounting standards for the state and local anesthetic governances. Its purpose is same to that of the FSAB. However, information needed by government financial...If you want to bring about a full essay, browse it on our website: OrderEssay.net

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